Ocean Energy Resources

GLOBAL NEWS SERVICE FOR THE FOSSIL AND RENEWABLE ENERGY COMMUNITIES

  • HOME
  • ARCHIVE
    • Printed Issues Offshore Magazine
    • Downloads
  • ADVERTISE WITH US
  • FREE SUBSCRIPTIONS
    • Online OER Magazine
    • Digital Newsletter
  • MUST READ ARTICLES
  • CONTACT

Van Oord records € 62 million loss in 2021

Monday, March 28 2022

General – Financial

Dutch marine contractor Van Oord has reported a € 62 million net loss for 2021 due to large loss provisions taken on three projects: the Afsluitdijk project in the Netherlands, the Saint-Brieuc project in France, and the Greater Changhua project in Taiwan.

At the Saint-Brieuc project in France, Van Oord encountered unexpected deviating ground conditions and operational delays. With the project restart beginning in 2022, Saint-Brieuc is expected to be completed one year later than previously anticipated.

In 2021, Van Oord achieved EUR 1,517 million in revenue (2020: EUR 1,677 million) and a net result of EUR -62 million (2020: net profit EUR 33 million). The cash performance continued to be strong, leading to a low net debt level of EUR 62 million at year-end 2021 (2020: net cash position of EUR 24 million).

The order book increased to EUR 4,353 million (2020: EUR 3,553 million), mainly driven by the business unit Offshore Wind.

CEO Pieter Van Oord: “We ended the year with an optimistic outlook for our markets reflected in a record-high order book. This means we are optimistic about the longer-term outlook in our markets. We expect revenue to increase and margins to improve substantially in 2022. Profitability will also depend on the settlement of larger claim positions during the year. We expect our order book to further develop positively, reflecting the outlook of our markets.”

Related posts:

  1. Export cable HKZ installed
  2. EIB finances TenneT electricity transmission corridor
  3. DEME’s entire long-term loan portfolio transformed into sustainability-linked loans
  4. Construction work resumes on Saint-Brieuc OWF

Filed Under: Finance, International News, Van Oord Tagged With: Finance, Van Oord


Read Magazine Online


Event List

  • Reuters Events: Global Energy Transition 2022
    • 14/06/2022 - 15/06/2022
  • WindEnergy Hamburg 2022
    • 27/09/2022 - 30/09/2022
  • Offshore Energy Exhibition & Conference 2022
    • 29/11/2022 - 30/11/2022
    • Amsterdam
  • all events

Follow us on Twitter

Tweets door @OERnews

Copyright © Practica Productions - All rights reserved - 2022 cookies